M ERCANTILISM September 22 – 24, 2015 Objective: Students will analyze the economic system of mercantilism to determine how it relates to the development.

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Presentation transcript:

M ERCANTILISM September 22 – 24, 2015 Objective: Students will analyze the economic system of mercantilism to determine how it relates to the development of European colonies through text, illustration and written response.

VIDEO B RAIN B REAK “Does exploration make the world seem smaller or larger?” Explain. Use RACE (2-3).

M ERCANTILISM The economic system that restricts economic activity (trade) in order to maximize exports and minimize imports to increase your nation’s wealth.

C REATE A MATHEMATICAL EQUATION FOR MERCANTILISM. Remember: To remain economically and politically strong, your country must export more than it imports. This type of economic system results in a profit for your country.

What would happen to the global economy if every country adopted the philosophy of mercantilism?

Countries colonizing the New World: Spain Portugal Great Britain France The Netherlands Raw materials found in the New World: Wheat Cotton Tobacco Sugar Wood

M ERCANTILISM – HOW IT WORKS 1. Slaves are captured in Africa and shipped to the Americas to plant and harvest raw materials such as sugar, cotton, tobacco, wood, wheat. 2. The ‘mother country’ from Europe buys raw materials from the colonies at a low cost and ships them back to Europe to manufacture into goods. 3. These manufactured goods are sold back to the colonies at a high price (profit).

BY THE WAY, Colonies could only trade with the European country that colonized them, their “mother country”. Colonies could not trade with other countries or colonies.

E PILOGUE After a while, colonies began to revolt against the idea of mercantilism and stressed the need for free trade. free trade – the government does not interfere with trade. Prices are based on supply and demand.

M ERCANTILISM IN 3 STEPS 1. Rephrase the definition for ‘mercantilism’ in one complete sentence. 2. Illustrate the concept of mercantilism. Label this “Mercantilism in 3 Steps”. 3. Answer: “How is mercantilism related to the development of European colonies? Use RACE (3-4). 4. Turn this in for a grade.